The rise of cryptocurrency influence in the political arena with the U.S. presidential election, as Coinbase records donations totaling over $200 million.

The 47th US Presidential election in 2024 has come to a close. After expressing his support for cryptocurrency, former President Trump immediately gained the support of the crypto community. Many candidates who support cryptocurrency have also won the majority of seats in Congress, becoming a highlight in American politics.

According to data from the cryptocurrency exchange Coinbase's advocacy group Stand With Crypto (SWC), there are currently 261 successful candidates in the House of Representatives and 17 in the Senate who support cryptocurrency. You can find more information on SWC's website.

States Elect Crypto-Friendly Officials to Congress, Few Exceptions

According to SWC, except for New Mexico, Alaska, Hawaii, Vermont, and Maine, most states have elected at least one candidate supportive of cryptocurrency. The latest data shows that there are 261 cryptocurrency-friendly candidates elected in the House of Representatives, compared to 116 opponents; in the Senate, there are 17 pro-crypto and 12 anti-crypto candidates elected, demonstrating an advantage for cryptocurrency supporters.

Crypto Industry and Community Contribute $200 Million, Significant Impact

According to SWC, the cryptocurrency community has collectively donated over $200 million in political contributions in this election. Approximately $204 million has been invested in the pro-crypto Super Political Action Committee (PAC) Fairshake, with an additional $3 million donated to SWC.

One of Fairshake's focuses was to assist pro-crypto Republican candidate Bernie Moreno in defeating Democratic incumbent Senator Sherrod Brown in Ohio. This campaign cost over $500 million, making it one of the most expensive elections. Fairshake invested $40 million, receiving strong support from cryptocurrency companies Coinbase, Ripple Labs, and venture capital firm a16z founders.

Crypto-Friendly Moreno's Victory and Anti-Crypto Brown's Ouster Coincidental

Moreno ultimately won with 50.2% of the votes, securing 2.8 million votes, while Brown received approximately 46.4% of the votes, not only bringing a pro-crypto senator to the Senate but also removing an anti-crypto legislator.

Brown had close ties to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, who has been actively regulating the cryptocurrency industry in the United States in recent years. Brown's departure seems to have somewhat increased the influence of cryptocurrency, making it an interesting coincidence.

Crypto-Friendly Candidates Leading in Other States

In addition to Ohio, in states like Montana, Pennsylvania, and Wisconsin, pro-crypto Senate candidates are currently in the lead. In Montana, Tim Sheehy is leading with 247,000 votes against Jon Tester's 205,000 votes. Sheehy is evaluated by SWC as pro-crypto, while Tester is considered neutral.

The key swing state of Pennsylvania currently has a tight race. As of noon on 11/6 Taiwan time, both pro-crypto Dave McCormick and neutral Bob Casey have received approximately 3 million votes. The situation is similar in Wisconsin, where incumbent anti-crypto Senator Tammy Baldwin and pro-crypto candidate Eric Hovde each garnered around 1.6 million votes, with Baldwin emerging as the winner.

Senator Warren of Massachusetts Defeats Crypto Supporter Deaton, Maintains Anti-Crypto Stance

While cryptocurrency supporters have achieved several victories in this election, there have also been defeats. In Massachusetts, Democratic Senator Elizabeth Warren, who strongly opposes cryptocurrency, decisively defeated crypto supporter John Deaton.

Warren has always been a vocal critic of cryptocurrency, while Deaton, not only a crypto supporter, has also intervened as a lawyer representing XRP holders in the lawsuit against the U.S. Securities and Exchange Commission (SEC). With Trump's support for cryptocurrency, driving assistance from the crypto industry and related supporters, the election results have brought a significant cryptocurrency force into U.S. politics. However, the key focus lies in how regulatory laws will ultimately impact the industry's direction.